What Makes NZ's Small Businesses Tick

On the eve of the opening of the second
annual Small Business Expo in Auckland, leading New Zealand
insurance company Vero is sharing fresh insight into this
important part of our economy.

Vero Chief Executive
Roger Bell says, "96 percent of all New Zealand businesses
have fewer than 20 full time equivalent staff and almost 65
percent define themselves as sole traders, meaning the Small
to Medium Enterprise (SME) sector is without doubt the
backbone of New Zealand business."

"As a major sponsor of
the Small Business Expo and part of our goal to become a
truly world class business we've undertaken research to
better understand the needs of our SME customers and their
business drivers."

The focus groups that included in depth
interviews nationwide found that most owners are
'emotionally invested' in their businesses. This means they
tend to be self- resourcing, and experience long hours and
considerable stress. Often there is no buffer to protect
them if they make a bad business decision and they can be so
close to their business they are cautious about handing over
control to others. However, on a positive note they report
enjoying freedom and flexibility and like having control of
their own destiny.

Some of the common challenges facing
our SME sector include:

* Finding and retaining
the right staff* Juggling cash flow*
Compliance and paper work* Finding new customers
- but not growing too fast* Technology - both
the expense and its constantly changing nature*
Dealing with multiple suppliers

Roger Bell says when it
comes to insurance, SME can also find it difficult to
accurately assess their risks and may end up under insured.
"This is where the role of the broker can be vital in
helping identify appropriate products to ensure the SME is
free to get on with the business of doing business."

The
Small Business Expo opens tomorrow at the ASB Showgrounds.
Vero will present the full findings of its research to its
intermediary partners at a business breakfast that morning.
It is also sponsoring the Vero Business Support Zone and is
the naming rights sponsor for the second annual Vero
Excellence in Business Support Awards. Winners will be
named at a gala dinner at the Logan Campbell Centre on
Thursday
evening.

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